5 Steps To Making A Decision About Bankruptcy From Orange County Bankruptcy Attorney
Southern California is amongst the many areas that has been hit hard by the economy's downturn, job loss, and foreclosures. Many have lost their homes, jobs and have strained relationships with family and loved ones due to the increase in stress due to these factors. Unfortunately, there has also been an increase in suicides, illnesses, both mental and physical, related to all of the economy's happenings.
Many people are struggling not knowing what to do about their financial situation. Every option feels hopeless and unpromising. The good thing is that there are still options. Orange County Bankruptcy Attorney Thomas E. Brownfield gives these options daily to Southern California financial sufferers. The Orange County Bankruptcy Attorney unveils the many myths regarding bankruptcy and educates those trying to make a decision regarding bankruptcy.
The problem is that many people run from the mere word "bankruptcy" because they do not understand the true value of what it's all about. The fact is, that the majority of people who are faced with this decision, have financial pictures and credit situations that surpass anything a "bankruptcy" could even do to it. Meaning most people that are at this cross road, suffer from credit that is already deteriorated in which bankruptcy would not worsen the situation but instead it would create a fresh start…a new beginning and a way out from drowning in debt.
The problem is that many people simply do not or can not make a decision on what to do about their financial chaos and they instead put it on the back burner while the problem becomes worse. So not only do they create a snowball effect, but they prolong relief and unnecessary stress, and they hurt their future even more than it has to be damaged. They allow their past issues that are affecting their present situation to seep into their future destiny. Not putting a definite end to the chaos is the worst decision that can be made. By choosing not to do anything or by choosing to do things that are simply not working, is in a sense just digging a deeper hole that gets harder and harder to climb out of.
In order to make a decision that will not lead to regrets you must go through these 5 steps of realizing, analyzing and deciding on your financial condition.
Step (1) Realize - Truly realize the condition of your financial situation. Be honest with yourself. This is not the time to put blindfolds on and create a picture that is not the true reality of your financial condition. This is the time to get to the bottom of what you are dealing with. Start by writing a list of all of your financial hurdles, for example, out of control credit card debt, delinquent mortgage payments, etc.
Step (2) Realize the Depth of Your Debt - When you have your entire list written out, begin prioritizing your list starting with the most urgent matters. For example, if you are behind on your mortgage payments and have received a foreclosure notice, this would definitely be listed at the beginning of your list and most likely at the first spot.
Step (3) Analyze - Once you have your list prioritize begin analyzing. Again, this is a time to be truthful with yourself. This is the time to think "facts" not "optimism". Facts are dealing with what the truth of the problem is, not just being optimistic about what it "could" be. This is the only way to begin a movement into the right direction to making a decision that will then allow your situation to get better instead of just sitting back "thinking" it will get better.
This is about action, not thinking. By pursuing the answer through proper analyzation you can then make a decision regarding your financial condition without later having regrets. Begin analyzing the first 3 most important financial matters in your life (If you have less than 3 that is ok). This would be your top 3 things that you listed on your paper.
Next to each of these 3 things, jot down one major effect each of these items would have on your life if gone unresolved. Next, jot down at least two things that you have tried to do to resolve these issues. Then, jot down anything that you could do to resolve this issue within the next 30 days, if there is nothing you can practically do, then just write the word "nothing".
Lastly, analyze everything you just wrote down and then at the the bottom of your page write this sentence and fill in the blanks: I would be _________ if I could make my first 3 financial issues disappear and would __________, ___________, and __________ if I did not have to worry about them any more.
Step (4) Your Report - Now that you have realized and analyzed your financial position, just as a doctor evaluates his/her patient's health condition, you are now able to review the report.
At this point you now fully understand what the facts are surrounding your financial condition. You now understand where you are mentally in the process as it relates to the resolution and your physical abilities to resolve it. These are very important factors to understand because this is what helps you make an informed decision about your financial situation.
Not only that, but it allows you to make a decision that you will not later regret because you have gone in with an in-depth understanding of the condition you are in financially. Now it's time to accept the news, but not lose hope. By not trying to avoid the inevitable news regarding your financial state, you are then able to make a decision that can change it in a way that will allow you to take back control of your life.
Step (5) Decide - It is now time to make the decision that is going to both change your life but that is also going to give you much deserved relief. This is just like taking the prescription that the doctor prescribed. If you do not take it, you get worst, if you do, things start turning around. You are treating the problem and resolving the issues one step at a time.
Filing bankruptcy is a decision that you have to make, not something you are forced into. The myths surrounding bankruptcy are very misleading and are causing many to continue to suffer as they begin drowning in their financial misery and prolonging healing from their financial condition.
By filing bankruptcy you are able to begin putting the pieces back together that were broken way before you even filed. You are able to begin rebuilding your credit instead of constantly snowballing in a downward spiral. And most of all, you get control of your life and the stress in it!
There is so much more to know about the benefits of filing bankruptcy and how you could really end up on the winning end by acting. Deciding to move forward with bankruptcy after you have properly assessed your financial condition is key to making a decision that you are satisfied with for years to come. Deciding is the step you need to achieve, and the facts surrounding the benefits of bankruptcy is what you definitely need to pursue before your bad situation becomes worst…
Many people are struggling not knowing what to do about their financial situation. Every option feels hopeless and unpromising. The good thing is that there are still options. Orange County Bankruptcy Attorney Thomas E. Brownfield gives these options daily to Southern California financial sufferers. The Orange County Bankruptcy Attorney unveils the many myths regarding bankruptcy and educates those trying to make a decision regarding bankruptcy.
The problem is that many people run from the mere word "bankruptcy" because they do not understand the true value of what it's all about. The fact is, that the majority of people who are faced with this decision, have financial pictures and credit situations that surpass anything a "bankruptcy" could even do to it. Meaning most people that are at this cross road, suffer from credit that is already deteriorated in which bankruptcy would not worsen the situation but instead it would create a fresh start…a new beginning and a way out from drowning in debt.
The problem is that many people simply do not or can not make a decision on what to do about their financial chaos and they instead put it on the back burner while the problem becomes worse. So not only do they create a snowball effect, but they prolong relief and unnecessary stress, and they hurt their future even more than it has to be damaged. They allow their past issues that are affecting their present situation to seep into their future destiny. Not putting a definite end to the chaos is the worst decision that can be made. By choosing not to do anything or by choosing to do things that are simply not working, is in a sense just digging a deeper hole that gets harder and harder to climb out of.
In order to make a decision that will not lead to regrets you must go through these 5 steps of realizing, analyzing and deciding on your financial condition.
Step (1) Realize - Truly realize the condition of your financial situation. Be honest with yourself. This is not the time to put blindfolds on and create a picture that is not the true reality of your financial condition. This is the time to get to the bottom of what you are dealing with. Start by writing a list of all of your financial hurdles, for example, out of control credit card debt, delinquent mortgage payments, etc.
Step (2) Realize the Depth of Your Debt - When you have your entire list written out, begin prioritizing your list starting with the most urgent matters. For example, if you are behind on your mortgage payments and have received a foreclosure notice, this would definitely be listed at the beginning of your list and most likely at the first spot.
Step (3) Analyze - Once you have your list prioritize begin analyzing. Again, this is a time to be truthful with yourself. This is the time to think "facts" not "optimism". Facts are dealing with what the truth of the problem is, not just being optimistic about what it "could" be. This is the only way to begin a movement into the right direction to making a decision that will then allow your situation to get better instead of just sitting back "thinking" it will get better.
This is about action, not thinking. By pursuing the answer through proper analyzation you can then make a decision regarding your financial condition without later having regrets. Begin analyzing the first 3 most important financial matters in your life (If you have less than 3 that is ok). This would be your top 3 things that you listed on your paper.
Next to each of these 3 things, jot down one major effect each of these items would have on your life if gone unresolved. Next, jot down at least two things that you have tried to do to resolve these issues. Then, jot down anything that you could do to resolve this issue within the next 30 days, if there is nothing you can practically do, then just write the word "nothing".
Lastly, analyze everything you just wrote down and then at the the bottom of your page write this sentence and fill in the blanks: I would be _________ if I could make my first 3 financial issues disappear and would __________, ___________, and __________ if I did not have to worry about them any more.
Step (4) Your Report - Now that you have realized and analyzed your financial position, just as a doctor evaluates his/her patient's health condition, you are now able to review the report.
At this point you now fully understand what the facts are surrounding your financial condition. You now understand where you are mentally in the process as it relates to the resolution and your physical abilities to resolve it. These are very important factors to understand because this is what helps you make an informed decision about your financial situation.
Not only that, but it allows you to make a decision that you will not later regret because you have gone in with an in-depth understanding of the condition you are in financially. Now it's time to accept the news, but not lose hope. By not trying to avoid the inevitable news regarding your financial state, you are then able to make a decision that can change it in a way that will allow you to take back control of your life.
Step (5) Decide - It is now time to make the decision that is going to both change your life but that is also going to give you much deserved relief. This is just like taking the prescription that the doctor prescribed. If you do not take it, you get worst, if you do, things start turning around. You are treating the problem and resolving the issues one step at a time.
Filing bankruptcy is a decision that you have to make, not something you are forced into. The myths surrounding bankruptcy are very misleading and are causing many to continue to suffer as they begin drowning in their financial misery and prolonging healing from their financial condition.
By filing bankruptcy you are able to begin putting the pieces back together that were broken way before you even filed. You are able to begin rebuilding your credit instead of constantly snowballing in a downward spiral. And most of all, you get control of your life and the stress in it!
There is so much more to know about the benefits of filing bankruptcy and how you could really end up on the winning end by acting. Deciding to move forward with bankruptcy after you have properly assessed your financial condition is key to making a decision that you are satisfied with for years to come. Deciding is the step you need to achieve, and the facts surrounding the benefits of bankruptcy is what you definitely need to pursue before your bad situation becomes worst…